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Fusion Bonded Epoxy Coatings Market size is forecast to reach $12.5 million by 2025, after growing at a CAGR of 6.8% during 2020-2025. Fusion bonded epoxy coating, referred as FBE coating provides UV protection, excellent resistance to cathodic disbandment& protection from harsh weather conditions for the designed lifespan due to which it is increasingly used in construction industry. With increase in use of pipes in oil and petrochemical refineries owing to its property such as good chemical resistance under various installation conditions, will propel the demand of fusion bonded epoxy coatings industry in the forecast period.
Surface Type- Segment Analysis
External insulation prevents the pipes from degradation caused by dirt and other backfill materials. The main protection against exterior corrosion is outer coatings. Pipeline is installed using line pipe and is usually factory-coated before shipping to the construction site. External protective coatings are necessary because presence of water and oxygen in the environment can cause corrosion in case, if there is no coating protection. External coatings act as a barrier against corrosion factors such as oxygen, water, salt, sunlight, or bacteria on the external surface of the pipes. The external corrosion safety is important for a pipeline’s service life and reduced running costs. Factors such as environmental conditions, situation of the buried media, and operation temperature are considered for the selection of appropriate coating system.
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End Use Industry- Segment Analysis
Oil & Gas industry in Fusion Bonded Epoxy coating is projected to grow at a CAGR of 7.3% during forecast period 2020-2025. Pipes with fusion-bonded epoxy (FBE) coatings in the oil and gas industry demonstrate outstanding chemical resilience in extreme conditions including petrochemicals, solvents, and corrosive gases. In sectors like power generation, manufacturing, transport and industrial business demand for oil and gas is raising due to the growing population of developed countries and the vigorous economic growth. Pipelines used for oil transportation are made of steel which has benefits such as fairly low cost, high capacity, short construction times, safe and environmentally sustainable application and suitability for all geographic locations. High strength low-alloy (HSLA) steels have been extensively used in the petroleum industry for crude oil pipeline transportation. Besides this, these coatings often provide greater dimensional stability (i.e.) reduced hysteresis.
Geography- Segment Analysis
Asia Pacific held the largest share with 43.5% in 2019 in Fusion Bonded Epoxy Coating Market due to increase in construction activity in China. In terms of GDP, China has the largest economy in Asia-Pacific. The Infrastructure segment in China is rapidly increasing due to use of fusion bonded epoxy coating in applications such as valves, pumps, saddle fittings, pipe fittings, manifolds, waste aerators, tanks and drain hangars. According to the National Development and Reform Commission (NDRC), in 2018, 27 infrastructure project was approved, totaling USD 219.43 billion. According to Organization of the Petroleum Exporting Countries (OPEC), the gas consumption of China is around 43Billion Cubic Meters. China’s government aims to raise the consumption of natural gas by 2020 to around 10 per cent of its overall energy mix. Natural gas usage reportedly stands at about 6 per cent. By 2023, the market for oil will be about 104.7 mb / d, from 6.9 mb / d in 2018. Together, countries such as China and India are estimated to contribute about 50% of global oil demand.
Drivers –Fusion Bonded Epoxy Coatings Market
Increase in Infrastructure and Industrialization
Fusion bond epoxy coating is an epoxy-based powder coating that is widely used to protect steel pipe used in pipeline construction. With increase in industrialization there has been a growth in fusion bond epoxy coating industry. Steel pipes are extremely versatile; hence these are used in many industries, from gas to sewage. Steel pipe is durable, corrosion resistant, and cost-effective. Steel pipes are the way go-to for many construction companies because they are malleable and sturdy, at the same time. When the soil is too weak, epoxy-based powder coating steel pipe is used as construction piling to support the weight of heavy buildings. In addition, epoxy-based powder coating steel pipe is also used in ships, where there is, oil refineries and even in space stations. Epoxy-based powder coating pipe is suitable on land as well as over under water construction.
Increasing use of pipelines in Oil & Gas Industry
Oil & gas generated along with refined goods is ideally transported between sites with the use of pipeline. The key factors responsible for driving this market’s growth include the rise in energy demand worldwide, the rise in deep water operations and the increase in the export of chemical products worldwide. The pipeline industry accounts for around 40% offshore activities. Moreover, increase in offshore activity, such as deep-water and ultra-deep-water production and development is anticipated to boost the oil & gas pipeline industry. Also, rise in oil and petrochemical refineries will raise demand for Fusion Bonded Epoxy coatings and hence boost the market.
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Challenges –Fusion Bonded Epoxy Coatings Market
Growing demand of Roto-Lining
The ability to coat complicated geometric parts with much greater thickness by using a wider range of coating material provides a significant advantage toroto-lining over fusion-bonded epoxy coatings. Both Fusion Bonded Epoxy and roto-lining have smooth waterproof insulation, but since roto-lining works longer in a much broader variety of working environments, roto-lining is more preferable. Roto-lining coating last three times longer, in the same working environment than Fusion Bonded Epoxy hence, roto-lining is the clear favorite for lifetime cost. Additionally, the use of roto-lined section minimizes possible health and environmental hazards associated with a liner breakdown.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Fusion Bonded Epoxy Coatings Market. Major players in the Fusion Bonded Epoxy Coatings Market are 3M, Akzonobel N V, Arkema, Axalta Coating System Ltd, Basf Se, Jindal Group, Yulong Tyhoo, PPG Industry, PSL Limited, Sigma Corporation, Solepoxy, Inc., among others.
In December 2016, Yulong TYHOO Pipe Coating Co., Ltd (hereinafter Yulong Tyhoo), a Tyhoo Group subsidiary and China’s large-diameter first pipe internal primed FBE coating production line, successfully passed Shell’s Qualification Test for internal primed FBE coating and became a certified Shell supplier.
Fusion Bonded Epoxy coating has strong resistance to mechanical effects which increases the life expectancy of steel pipes and ensures a constant performance throughout its life span.
Epoxy-based polymers such as Fusion Bonded Epoxy are commonly used in gas and oil pipelines due to their high chemical resistance, low chloride ion permeability, good mechanical strength, solid steel adhesion and ideal handling characteristics, resulting in better corrosion safety and pipeline working life.
Manufacturing and Construction Industry is being significantly affected due to the COVID-19 pandemic as they depend on workers whose jobs cannot be carried out remotely. In the current situation this factor restricts the growth of the fusion bonded epoxy coatings market.
Increasing use of Roto-Lining as an alternative to Fusion Bonded Epoxy coating can hinder the growth of Fusion Bonded Epoxy Coatings Market in the forecast period.
Epoxy Adhesives Market
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